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BusinessHub

SWBC's BusinessHub blog is a one-stop resource for business owners and company decision makers.

 

4 Lawsuits Your Business Should Avoid (And How to Avoid Them)

It’s not uncommon for employers to operate under the notion that they are complying with the law when it comes to workplace policies and procedures. Nowadays, a greater number of businesses are out of compliance, unbeknownst to them. With an increasing number of discrimination and harassment lawsuits, employers everywhere need to take action to protect themselves and their business.

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How to Create an Effective Disaster Recovery Plan for Your Business

No matter where your business is located, there's always a possibility that inclement weather or some other catastrophic event could disrupt your business operations. Is your company prepared for this with an effective disaster recovery plan in place?

So, how does one plan for an unexpected occurrence? Easy; plan as if it is expected to happen. You can start by identifying one major component—potential risks. 

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Flood Insurance: A Must Have for Every Business

How much can your business stand to lose? It's not a happy thought, but unfortunately, that's the question you must ask yourself when deciding on insurance coverage.

According to the National Flood Insurance Program, at least 25% of businesses that close after disasters like floods never open their doors again. The average commercial flood claim stands at $89,000,1 an amount that can cripple or bankrupt a small business. Given that flooding is the #1 U.S. hazard, and floods occur in all U.S. states, floods are a serious threat to your business and livelihood. And since business insurance policies do not cover damage from flooding, a separate flood insurance policy is necessary to protect the cost of your building, equipment, inventory, and supplies.

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Protecting Your Rental Property with Landlord Insurance

As time passes and our lives change, the insurance coverage we need changes as well. As an example, let's say you get a new job in another state. Instead of selling your home, you decide to keep the house and rent it out, as you've seen a number of your neighbors do. You think your home's value is protected by your existing homeowners policy, and it doesn't occur to you that your insurance coverage needs have changed with your move. But, in this scenario, like any change in circumstance, you must review and adjust your coverage to protect you from the new exposure and liabilities you face as a landlord.

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Buy-Sell Agreements: Protecting the Future of Your Business

What words pop into your head when you think of yourself as a business owner—decisive, responsible, a go-getter? Although all business owners are different, one common factor for most is that they stay busy. Busy with clients, busy with employees, and busy building a successful company. But, what happens when business owners are no longer around to make decisions and run the company that they spent all those years investing time and money into? Will the company fail? Will it continue to run smoothly?

If you're a business owner, there may be countless questions you ask yourself when you think about the future of your business. That is why it is important to plan for not only your families’ future but also the future of your company.

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Key Person Life Insurance: Can You Risk Not Having It?

Would your business be able to survive without its key players? Chances are it would drastically suffer or at least you financial gains might take a significant hit, not to mention to the overall success of your company. When all is said and done, most key employees are worth more than their salaries. Think about it—their performance, typically, is the best of the best at a company; they probably know the company and its policies inside and out—a difficult trait, in any industry, to "teach," and they provide the backbone of what keeps your company in drive. It is nearly unthinkable to have to consider replacing an employee of this stature.

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Four Hair-Raising Facts about Commercial Insurance Losses

If you are a moviegoer, chances are you have seen a blockbuster disaster film. For decades, the popularity of the disaster movie genre has enjoyed successful box office draw, with moviegoers sitting at the edge of their seats in anticipation.

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